Sub-Saharan Africa Economy – December 2012

Source: OPEC 1/10/2013, Location: Africa

The Institute of International Finance says that Sub-Saharan African economies have enjoyed the second-fastest growth rate in the world for the past decade, and this trend looks set to continue. The region is in the midst of ‘transformative growth’. It could move from accounting for only 4% of world GDP in 2010 to 7% by 2040 and 12% by 2050. Growth has been fuelled by commodities, but that is changing rapidly as wealth per capita increases and new industries develop. Downside risks are the fragile global recovery and the potential of a slowdown in China.